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April 27, 2023 | Tom Ballard

Nth Cycle has raised 40 percent of its Series B round

The participant in Cohort 2 of the "Innovation Crossroads" program operated by Oak Ridge National Laboratory is trying to secure $50 million.

Just days after we reported that Nth Cycle was one of 12 winners of BloombergNEF’s annual award for potentially game-changing innovation in climate solutions (see article here), we learned that the “Innovation Crossroads” alum was well on its way to raising a $50 million Series B funding round.

According to this article in Boston Inno (subscription required), a filing with the Securities and Exchange Commission notes that the company has already raised about $20 million from 12 investors toward its goal. The start-up, co-founded by Megan O’Connor who serves as Chief Executive Officer, raised a $12.5 million Series A round in 2022.

Nth Cycle’s Series A round was co-led by the investment arm of Frankstahl and Volo Earth with participation by Clean Energy Ventures and MassMutual’s MM Catalyst Fund, both Boston area firms where Nth Cycle is located. The start-up that was a participant in Cohort 2 of the Oak Ridge National Laboratory-managed “Innovation Crossroads” program also raised a $3.2 million seed round in April 2021 and received a $2.15 million grant from the U.S. Department of Energy in December 2022.

Nth Cycle’s goal is to use its technology to create a low-carbon, cheap, and domestic supply chain for rare earth minerals. These minerals are used in products like wind turbines, electric vehicles, and solar panels, and are obtained from domestic mines as well as recycled products, including lithium-ion batteries.

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